IMPORTANT NOTICE THIS OFFERING IS AVAILABLE ONLY TO INVESTORS WHO ARE NOT US PERSONS (AS DEFINED IN REGULATION S UNDER THE US SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT")) AND ARE LOCATED OUTSIDE OF THE UNITED STATES. IMPORTANT: You must read the following disclaimer before continuing. The following disclaimer applies to the attached prospectus (the "Document") following this page and you are therefore advised to read this disclaimer carefully before reading, accessing or making any other use of the attached Document. In accessing the attached Document, you agree to be bound by the following terms and conditions, including any modifications to them from time to time, each time you receive any information from us as a result of such access. NOTHING IN THIS ELECTRONIC TRANSMISSION CONSTITUTES AN OFFER OF SECURITIES FOR SALE IN THE UNITED STATES OR ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DO SO. THE NOTES HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE SECURITIES ACT, OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR OTHER US JURISDICTION, AND THE NOTES MAY NOT BE OFFERED OR SOLD, DIRECTLY OR INDIRECTLY, WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, US PERSONS (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT) EXCEPT TO A PERSON WHO IS NOT A US PERSON (AS DEFINED IN REGULATION S) IN AN OFFSHORE TRANSACTION PURSUANT TO RULE 903 OR RULE 904 OF REGULATION S. THE DOCUMENT MAY NOT BE FORWARDED OR DISTRIBUTED TO ANY OTHER PERSON AND MAY NOT BE REPRODUCED IN ANY MANNER WHATSOEVER AND, IN PARTICULAR, MAY NOT BE FORWARDED TO ANY US ADDRESS. ANY FORWARDING, DISTRIBUTION OR REPRODUCTION OF THE DOCUMENT IN WHOLE OR IN PART IS UNAUTHORISED. FAILURE TO COMPLY WITH THIS DIRECTIVE MAY RESULT IN A VIOLATION OF THE SECURITIES ACT OR THE APPLICABLE LAWS OF OTHER JURISDICTIONS. IF YOU HAVE GAINED ACCESS TO THIS TRANSMISSION CONTRARY TO ANY OF THE FOREGOING RESTRICTIONS, YOU ARE NOT AUTHORISED AND WILL NOT BE ABLE TO PURCHASE ANY OF THE SECURITIES. Confirmation of your representation: In order to be eligible to view the Document or make an investment decision with respect to the securities being offered, prospective investors must be a person other than a US person (as defined in Regulation S under the Securities Act) located outside the United States and, if located in the European Economic Area or the United Kingdom, must not be a retail investor (as defined below). The Document is being sent to you at your request, and by accepting the email and accessing the Document you shall be deemed to have represented to the Company and the Joint Lead Managers that (1) you have understood and agree to the terms set out herein, (2) you are a person other than a US person (as defined in Regulation S under the Securities Act) located outside the United States and you are purchasing the securities being offered in an offshore transaction (within the meaning of Regulation S under the Securities Act) and the electronic mail address that you gave us and to which this email has been delivered is not located in the United States, its territories and possessions, any State of the United States or the District of Columbia, (3) if you are located in the European Economic Area or the United Kingdom, you are not a retail investor (as defined below) and (4) you consent to delivery of the Document by electronic transmission. For the purposes of the above paragraph, a "retail investor" means (A) in respect of a person located in the European Economic Area, a person who is one (or both) of (i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, "MiFID II") or (ii) a customer within the meaning of Directive (EU) 2016/97, where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; and (B) in respect of a person located in the United Kingdom, a person who is one (or both) of (i) a retail client, as defined in point (8) of Article 2 of Regulation (EU) No 2017/565 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 (the "EUWA"); or (ii) a customer within the meaning of the provisions of the Financial Services and Markets Act 2000, as amended (the "FSMA") and any rules or regulations made under the FSMA to implement Directive (EU) 2016/97, where that customer would not qualify as a professional client, as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014 as it forms part of domestic law by virtue of the EUWA. You are reminded that the Document has been delivered to you on the basis that you are a person into whose possession the Document may be lawfully delivered in accordance with the laws of the jurisdiction in which you are located and you may not, nor are you authorised to, deliver or disclose the contents of the Document to any other person. The materials relating to this offering of securities do not constitute, and may not be used in connection with, an offer or solicitation in any place where offers or solicitations are not permitted by law. If a jurisdiction requires that this issuance of securities be made by a licensed broker or dealer, and one or more of the Joint Lead Managers or any affiliates of one or more of the Joint Lead Managers is a licensed broker or dealer in the relevant jurisdiction, this offering shall be deemed to be made by such Joint Lead Manager(s) or such affiliate(s) on behalf of the Company in such jurisdiction. The Document may only be distributed to, and is only directed at (a) persons who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order"), (b) high net worth bodies corporate falling within Article 49(2) of the Order, and (c) any other persons to whom it may otherwise lawfully be communicated (all such persons together being referred to as "relevant persons"). Any investment or investment activity to which the Document relates is available only to relevant persons and will be engaged in only with relevant persons. Any person who is not a relevant person should not act or rely on the Document or any of its contents. The Document has been sent to you in an electronic form. You are reminded that documents transmitted via this medium may be altered or changed during the process of electronic transmission and consequently none of the Company or the Joint Lead Managers, any person who controls them or any director, officer, employee or agent of them or affiliate of any such person accepts any liability or responsibility whatsoever in respect of any difference between the Document distributed to you in electronic format and the hard copy version available to you on request from the Joint Lead Managers. ARÇELIK A.Ş. (Incorporated under the laws of the Republic of Turkey) EUR350,000,000 3.000 per cent. Notes due 2026 Issue Price: 100 per cent. Arçelik A.Ş., a joint stock company (the "Company" or "Issuer"), is issuing EUR350,000,000 3.000 per cent. Notes due 2026 (the "Notes"). The Notes have not been and will not be registered under the United States Securities Act of 1933, as amended (the "Securities Act"), or the securities or "blue sky" laws of any state of the United States of America (the "United States", the "U.S." or the "US"), the United Kingdom ("UK") or any other jurisdiction, and are being offered for sale to non-US persons (as defined in Regulation S under the Securities Act ("Regulation S")) outside the United States (the "Offering") in reliance upon Regulation S. For a description of certain restrictions on sale and distribution of investments in the Notes, see "Subscription and Sale" herein. INVESTING IN THE NOTES INVOLVES RISKS. PROSPECTIVE INVESTORS SHOULD CONSIDER THE FACTORS SET FORTH UNDER "RISK FACTORS" BEGINNING ON PAGE 5 OF THIS PROSPECTUS. Interest on the Notes will be paid in arrear on the 27th day of May in each year; provided that, if any such date is not a Business Day (as defined below), then such payment will be made on the next Business Day. Principal of the Notes is scheduled to be paid on 27 May 2026 (the "Maturity Date"), but may be paid earlier under certain circumstances as further described herein. In addition, the Issuer, may at its option, redeem all (but not some only) of the Notes (i) at any time prior to the date that is 90 days prior to the Maturity Date at the Make Whole Redemption Price as further described herein, and (ii) from and including 27 February 2026 to but excluding the Maturity Date at their principal amount plus accrued interest as further described herein. The Notes initially will be sold to investors at a price equal to 100 per cent. of the principal amount thereof. For a more detailed description of the Notes, see "Conditions of the Notes". This Prospectus (the "Prospectus") has been approved by the Central Bank of Ireland, as competent authority under Regulation (EU) 2017/1129 (the "Prospectus Regulation"). The Central Bank of Ireland only approves this Prospectus as meeting the standards of completeness, comprehensibility and consistency imposed by the Prospectus Regulation. Such approval by the Central Bank of Ireland should not be considered as an endorsement of the Issuer or of the quality of the Notes that are subject of this Prospectus.